China, Argentina renew bilateral currency swap agreement for five years

(ECNS) -- The People's Bank of China (PBOC) has renewed its bilateral currency swap agreement with the Central Bank of Argentina, the Chinese central bank said last Thursday.

The agreement has a swap value of 130 billion yuan (about 19.1 billion U.S. dollars), equivalent to 28 trillion Argentine pesos, according to the PBOC.

The deal has been extended for another five years and will remain in effect until 2031.

The renewal is expected to further deepen financial cooperation between the two countries, facilitate bilateral economic and trade exchanges, and safeguard financial market stability, the PBOC said.

(By Gong Weiwei)